RETRACTED: It's Good to be the King: Rupert Murdoch's News Corp's Massive Tax Refund

Image from NewsCorpse

UPDATE: The Reuters story this post was based on was retracted. I guess I was on to something when I said I "couldn't quite believe it." Not that Rupert's fanny is out of the fire, but apparently he's not US-government subsidized, which is a relief. Thanks to StewartIII in the comments for pointing this out. Here's the link to the retraction: Reuters

I found this at AmericaBlog, and couldn't quite believe it. Rupert Murdoch's News Corp--owner of the hard-right FOX "News"--is a government-subsidized operation. To the tune of billions. Ol' Rupe may be in hot water over in England, and his stock may be tumbling. But don't feel too badly for him. I'm sure that his legions of Tea Bagger viewers can somehow fit this massive transfer of wealth into their ideology. Somehow.


[Excerpt]


It pays to be Murdoch. Just ask US gov't


Over the past four years Murdoch's U.S.-based News Corp. has made money on income taxes. Having earned $10.4 billion in profits, News Corp. would have been expected to pay $3.6 billion at the 35 percent corporate tax rate. Instead, it actually collected $4.8 billion in income tax refunds, all or nearly all from the U.S. government. . .


Read more at: Reuters